UNIT 7 FLASHCARD - Intro to Economics
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Social Studies
•
8th Grade
•
Hard
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16 questions
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1.
FLASHCARD QUESTION
Front
What effect does scarcity have on resources for different nations?
Back
Nations must trade with one another
2.
FLASHCARD QUESTION
Front
What is more likely to make someone more productive at work? Ignoring their accomplishments, Giving them a raise based on how much they help the company earn, Putting them under pressure, Threatening their employment over mistakes
Back
Giving them a raise based on how much they help the company earn
3.
FLASHCARD QUESTION
Front
Which of the following is true about a FREE ENTERPRISE system? Public control, Government ownership, Limits individuals from being entrepreneurs, Lower prices and competition
Back
Lower prices and competition
4.
FLASHCARD QUESTION
Front
Which of the following describes scarcity? An abundance of resources, Having everything you want and need, Money and property possessed by company, The lack of enough resources to produce everything people want
Back
The lack of enough resources to produce everything people want
5.
FLASHCARD QUESTION
Front
The U.S. government decides to produce military equipment like rockets and weapons, but now cannot afford basic health services for those in need. What economic concept is this?
Back
Opportunity Cost
6.
FLASHCARD QUESTION
Front
What is the consequence of unlimited wants, but with limited resources?
Back
Individuals, businesses, and governments must make choices.
7.
FLASHCARD QUESTION
Front
A government chooses to help a company take advantage of natural resources, instead of protecting the environment. What economic principle is this?
Back
Opportunity Cost
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